The 700% rise in Q1 shows us that Binance’s BNB coin and its next rally could be historic according to the data from crypto research firm Messari so let’s read more in our latest Binance coin news today.
Messari released its Q1 Performance Recap and proclaimed BNB as the undisputed winner with a 700% rise in Q1 followed by ADA’s 557% with no signs of stopping. Researcher Roberto Talams concluded that Binance’s Coin rally was fueled by the emergence of the Binance Smart Chain and took the market share from Ethereum, which means that BSC became a faster and cheaper option for some users.
The researcher claimed that Binance smart chain became the most used platform right next to Ethereum and benefited from the ETH rising transaction fees and also accelerated the volumes and earnings that were fueled by white-hot crypto markets. This environment created the perfect climate for BNB to hit new highs.
PancakeSwap’s native CAKE token made 3,031 gains and hit a top position on the list of best-performing DeFi assets. At the time of writing, Binance’s Coin was trading at $422 with 6.3% profits over the past day and in the 7-day chart, the token made 32.8% profits with a 50.2% in the past month. BNB dropped previously from its ATH at $488 as one trader dubbed “Kaleo” expected a new breakout due to the pattern spotted in the price. The token has a period of a huge rally and a new push to the ATH and now BNB could experience an accumulation period as it prepares for a new rally:
“All in on $BNB and $FTT (…) One more flight. One more leg up for BNB and FTT.”
Trader “Bitcoin printer” is also quite bullish on Binance Coin and set support at the current levels while losing them could bring a pause in the skyrocketing. Otherwise, BNB could go north of $510 with more upsides in the coming months as the trader said:
“IF RSI breaks out and invalidates the bear div.. holy moly.. It seems to happen.. this is insane.. but also 161,8% extension.”
Binance’s BNB coin profits will be determined by the capacity to maintain the competitiveness with Ethereum’s optimism rollout that is set for May with the new features and cheaper transactions being able to reverse BSC and CAKE’s edge.
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